We were delighted to have Brad George the CEO at Columbian gold explorer Orosur Mining (LSE:OMI) speak to us live from Perth, Australia at last night's London South East Webinar (6.7.2021).
We had a very useful operational update from Brad, who explained that if he were paying for the drilling operations at Anza he might be tempted to firm up the Resource more rapidly. This will now be gradually expended with one drilling rig. However the exploration programme is being paid for by two gold majors, Agnico and Newmont, they already have a very large JORC Resource base and are interested in finding other locations along the Aragon Fault with possibly even greater gold potential. The majors are looking for one or two more large discoveries, and OMI have already begun the exploration process, and sites for new satellite camps and access roads have already been identified.
"Agnico are smaller and they can get away with a 3M oz mine, Newmont are bigger and they need 5/6/7 million ounces. We know the gold at Apta is there, we are seeing high grade, we are seeing thick, all the right things. We also have 20 kilometres of a major structure which is essentially untouched. I would say we have made a pretty good start to moving towards a multi-million ounce field" explained Brad.
As for future Exploration funding, a decision to commit to a further $4M from Newmont and Agnico is due on 7 September. "I can't say for sure as it's not my decision to take, but I think it would be very hard to walk away from 50 metres at 10 grams," Brad told the investor audience.
Background
Orosur Mining is listed on AIM and TSX and is a favourite with London South East investors. Orosur owns 100% of the Anza project in Columbia, which has the potential to be a Tier-1 gold mine. OMI have a 50/50 joint venture at Anza with two of the giants of the gold industry, Newmont Corp and Agnico Eagle Mines and Newmont and Agnico are paying for the current drilling operation which has almost ended. The drilling and operational update released 6..7.2021 almost doubled the market cap to £46M, ending the day 83% up.
Orosur Mining (OMI)